Loan Renewal & Top-Up Policy

Loan Renewal & Top-Up Policy (NRB FINANCE)

Effective Date: 29/08/2024
Company: NRB FINANCE, Rajkot – Gujarat
Email: coustmercare@nrbfinance.in

1. Objective

This policy explains the terms and conditions under which an existing borrower of NRB FINANCE may apply for Loan Renewal or Top-Up Loan.

2. Eligibility

  • Borrower must have an active loan with NRB FINANCE.

  • Borrower must have a satisfactory repayment track record (no continuous defaults).

  • KYC details must be valid and updated (as per – KYC T&C).

  • Collateral (if applicable) must remain valid and enforceable.

3. Loan Renewal

  • Borrower may request renewal of loan after repayment of at least 75% of the current loan tenure.

  • Renewal is subject to:

    • Fresh assessment of borrower’s repayment capacity

    • Updated loan agreement

    • Payment of any pending dues/penalties

  • Renewal may be provided on same or revised terms (interest rate, tenure, collateral).

4. Top-Up Loan

  • A Top-Up Loan is an additional loan facility provided on the basis of an existing active loan.

  • Eligibility:

    • Borrower should have repaid minimum 3 EMIs on time.

    • Collateral value must support the enhanced loan limit.

  • Maximum Top-Up: Subject to total loan exposure not exceeding ?50,000 (as per NRB FINANCE loan limit).

  • Fresh sanction letter will be issued for the top-up portion.

5. Interest & Charges

  • The existing interest rate of 15% annually will apply.

  • No additional processing fee, except renewal application fee (?500), if applicable.

6. Documentation

  • Borrower must sign an Addendum to Loan Agreement for Top-Up or Renewal.

  • Fresh repayment schedule will be issued.

7. Right of Refusal

  • NRB FINANCE reserves the right to reject renewal or top-up request without assigning any reason.

  • If borrower has history of default, misuse of funds, or invalid collateral, renewal/top-up will not be granted.

8. Dispute Resolution

Any disputes regarding renewal or top-up shall be subject to the jurisdiction of Rajkot, Gujarat courts only.

 

 


The Applicant/Customer confirms that he/she has read and understood the terms and conditions of this Policy/Agreement. In case of any difficulty in understanding the contents, the Applicant/Customer shall immediately contact NRB FINANCE during the loan application process for necessary clarification. NRB FINANCE shall not be held liable for any misunderstanding if the Applicant/Customer fails to seek clarification before proceeding with the loan process.